The NCUA took control of day-to-day operations at the $13.5 million Parsons Pittsburg Credit Union in Parsons, Kan. on Jan. 24, blaming unsafe and unsound practices.
The NCUA said in a release the violations were uncovered by the Kansas Department of Credit Unions, which seized the credit union and handed it over to federal officials.
"While continuing normal member services, the Department and NCUA will work to resolve issues affecting the credit union's safety and soundness. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares," the release said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
